Form of Regulation S 8.25% Senior Note Due 2011



  
 Exhibit 4.3 

 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE
COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR
TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT. 
  









 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, REPRESENTS AND WARRANTS THAT EITHER (A) NO PORTION OF THE ASSETS
USED BY SUCH HOLDER TO ACQUIRE AND HOLD THIS SECURITY CONSTITUTES THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY PLAN, ACCOUNT OR OTHER
ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR
THE CODE (COLLECTIVELY, “SIMILAR LAWS”) (EACH, A “PLAN”) OR ANY ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN OR (B) THE ACQUISITION AND HOLDING OF THIS SECURITY BY YOU WILL NOT
CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAW. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN. 
  
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
  










			
	 No. 2
	 	 Principal Amount $4,500,000, as
 revised by the Schedule of Increases and
 Decreases in Global Security attached hereto
 CUSIP NO. U75054AA1
 ISIN: USU75054AA16


  
 RYERSON TULL, INC.

  
 81⁄4% Senior Note, Series A, due 2011 
  
 Ryerson Tull, Inc., a Delaware corporation, promises to pay to Cede &
Co., or its registered assigns, the principal sum of FOUR MILLION, FIVE HUNDRED THOUSAND DOLLARS, as revised by the Schedule of Increases and Decreases in Global Security attached hereto, on December 15, 2011. 
  
 Interest Payment Dates: June 15 and December 15, commencing on June 15, 2005

  
 Record Dates: June 1 and December 1 
  
 Additional provisions of this Security are set forth on the other side of
this Security. 
  

			
	 RYERSON TULL, INC.

		
	By:	 	 /S/    JAY GRATZ



  
 TRUSTEE’S CERTIFICATE OF

     AUTHENTICATION 
  
 THE BANK OF NEW YORK TRUST COMPANY, N.A. 
 as Trustee, certifies 

that this is one of 
 the Securities referred 
 to in the Indenture. 
  

									
					
	By:	 	 /S/    CAROLYN POTTER
	 	 	 	 	 	 
	 	 	Authorized Signatory	 	 	 	 	 	 Date: December 13, 2004


  









  
 RYERSON TULL, INC.

  
 81⁄4% Senior Note, Series A, due 2011 
  

	1.	Interest 

  
 Ryerson Tull, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein
called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. 
  
 The Company will pay interest semi-annually on June 15 and December 15, commencing on June 15, 2005. Interest on the Securities will accrue from the most
recent date to which interest has been paid on the Securities or, if no interest has been paid, from December 13, 2004. The Company shall pay interest on overdue principal, and on overdue premium, if any (plus interest on such interest to the extent
lawful), at the rate borne by the Securities to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 If an exchange offer (the “Exchange Offer”) registered under the Securities Act is not consummated or a shelf registration statement (the
“Shelf Registration Statement”) under the Securities Act with respect to resales of the Securities is not declared effective by the SEC on or before the date that is 210 days after the Issue Date (the “Target Registration
Date”) in accordance with the terms of the Registration Rights Agreement dated December 13, 2004 among the Company, the Subsidiary Guarantor and the Initial Purchasers, the annual interest rate borne by the Securities shall be increased
from the rate shown above by (i) 0.50% per annum for the first 90-day period immediately following the Target Registration Date and (ii) an additional 0.50% per annum with respect to each subsequent 90-day period, in each case until the Exchange
Offer is completed or the Shelf Registration Statement, if required, is declared effective by the SEC or the Securities become freely tradable under the Securities Act, up to a maximum of 1.00% per annum of additional interest. If the Company
receives a request (a “Shelf Request”) from an Initial Purchaser requesting that a Shelf Registration Statement be filed due to an unsold allotment of Securities held by such Initial Purchaser, and the Shelf Registration Statement
is not declared effective by the SEC by the later of (x) 180 days after the Issue Date and (y) 90 days after the delivery of such Shelf Request (the “Shelf Additional Interest Date”), the annual interest rate borne by the Securities
shall be increased from the rate shown above by (i) 0.50% per annum for the first 90-day period immediately following the Shelf Additional Interest Date and (ii) an additional 0.50% per annum with respect to each subsequent 90-day period, in each
case until the Shelf Registration Statement is declared effective, up to a maximum of 1.00% per annum of additional interest. The Holder of this Security is entitled to the benefits of such Registration Rights Agreement. 
  

	2.	Method of Payment 

  
 By no later than 10:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Security is due and payable,
the Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, 

  









 
premium, if any, and/or interest. The Company will pay interest (except Defaulted Interest) to the Persons who are registered Holders of Securities at the
close of business on the June 1 or December 1 next preceding the interest payment date even if Securities are cancelled, repurchased or redeemed after the record date and on or before the interest payment date. Holders must surrender Securities to a
Paying Agent to collect principal payments. The Company will pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of
Securities represented by a Global Security (including principal, premium, if any, and interest) will be made by the transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depository. The
Company will make all payments in respect of a Definitive Security (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Securities
may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire
transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its
discretion). 
  

	3.	Paying Agent and Registrar 

  
 Initially, The Bank of New York Trust Company, N.A. (the “Trustee”) will act as Trustee, Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Securityholder. Any of the
domestically organized Wholly-Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 
  

	4.	Indenture 

  
 The Company issued the Securities under an Indenture dated as of December 13, 2004 (as it may be amended or supplemented from time to time in accordance
with the terms thereof, the “Indenture”), among the Company, the Subsidiary Guarantor and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The
Securities are subject to all terms and provisions of the Indenture, and Securityholders are referred to the Indenture and the Act for a statement of those terms. 
  
 The Securities are general unsecured, senior obligations of the Company. The aggregate principal amount of securities that
may be authenticated and delivered under the Indenture is unlimited. This Security is one of the 81⁄4% Senior Notes, Series A, due 2011 referred to in the Indenture. The Securities include (i) $150,000,000 aggregate principal amount of the
Company’s 81⁄4% Senior Notes, Series A, due 2011 issued under the Indenture on December 13, 2004 (herein called “Initial Securities”), (ii) if and when issued, additional 81⁄4% Senior Notes, Series A, due 2011 or 81⁄4%
Senior Notes, Series B, due 2011 of the Company that may be issued from time to time under the Indenture subsequent to December 13, 2004 (herein called “Additional Securities”) and (iii) if and when issued, the Company’s
81⁄4% Senior Notes, 

  









 
Series B, due 2011 that may be issued from time to time under the Indenture in exchange for Initial Securities or Additional Securities in an offer
registered under the Securities Act as provided in the Registration Rights Agreement (herein called “Exchange Securities”). The Initial Securities, Additional Securities and Exchange Securities are treated as a single class of
securities under the Indenture. The Indenture imposes certain limitations on the incurrence of indebtedness, the making of restricted payments, the sale of assets and subsidiary stock, the incurrence of certain liens, sale-leaseback transactions,
affiliate transactions, the sale of capital stock of restricted subsidiaries, the making of payments for consents, the entering into of agreements that restrict distributions from restricted subsidiaries and the consummation of mergers and
consolidations. The Indenture also imposes requirements with respect to the provision of financial information and the provision of guarantees of the Securities by certain subsidiaries. 
  
 To guarantee the due and punctual payment of the principal, premium, if any, and interest (including post-filing or
post-petition interest) on the Securities and all other amounts payable by the Company under the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of
the Securities and the Indenture, the Subsidiary Guarantors have fully, unconditionally and irrevocably Guaranteed (and future guarantors, together with the Subsidiary Guarantors on the Issue Date, will fully, unconditionally and irrevocably
Guarantee), jointly and severally, to each Holder of the Securities and the Trustee the Guarantor Obligations pursuant to Article X of the Indenture on a senior basis. 
  

	5.	Redemption 

  
 Except as set forth below, the Securities will not be redeemable at the option of the Company prior to December 15, 2008. On and after such date, the
Securities will be redeemable, at the Company’s option, in whole or in part, from time to time, at any time upon not less than 30 nor more than 60 days’ prior notice mailed by first class mail to each Holder’s registered address, at
the following redemption prices (expressed in percentages of principal amount), plus accrued and unpaid interest, if any, to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date), if redeemed during the 12-month period commencing on December 15 of the years set forth below: 
  

				
	 Period

	  	Percentage

	 
	 2008
	  	104.125	%
	 2009
	  	102.063	%
	 2010 and thereafter
	  	100.000	%

  
 In addition, at any
time and from time to time prior to December 15, 2007, the Company may redeem in the aggregate up to 35% of the original principal amount of the Securities (after giving effect to any future issuance of Additional Securities) with the Net Cash
Proceeds of one or more Equity Offerings at a redemption price (expressed as a percentage of principal amount) of 108.25%, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the 

  









 
relevant interest payment date); provided, however, that at least 65% of the original principal amount of the Securities (after giving effect to
issuances of Additional Securities) must remain outstanding after each such redemption; provided further, that each such redemption occurs within 60 days of the date of closing of such Equity Offering. 
  
 If the optional redemption date is on or after an interest record date and on
or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the Security is registered at the close of business on such record date, and no additional interest will be payable to
Holders whose Securities will be subject to redemption by the Company. 
  
 In the case of any partial redemption, selection of the Securities for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed or,
if the Securities are not listed, then on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate, although no Securities of $1,000 in original principal amount or less will be
redeemed in part. Any such notice to the Trustee may be cancelled at any time prior to notice of such redemption being mailed to any Holder and shall thereby be void and of no effect. If any Security is to be redeemed in part only, the notice of
redemption relating to such Security shall state the portion of the principal amount thereof to be redeemed. A new Security in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon
cancellation of the original Security. On and after the redemption date, interest will cease to accrue on Securities or portions thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the
applicable redemption price pursuant to the Indenture. 
  

	6.	Repurchase Provisions 

  
 If a Change of Control occurs, unless the Company has exercised its right to redeem all of the Securities as described under paragraph 5 of the
Securities, then such Change of Control shall constitute a triggering event which shall trigger the obligation of the Company to offer to repurchase from each Holder all or any part (equal to $1,000 or an integral multiple thereof) of such
Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date) as provided in, and subject to the terms of, the Indenture. 
  

	7.	Denominations; Transfer; Exchange 

  
 The Securities are in registered form without coupons in denominations of principal amount of $1,000 and whole multiples of $1,000. A Holder may transfer
or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any taxes and fees required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange (i) any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) for a
period beginning 15 days before the mailing of a notice of Securities to be redeemed and ending on the 

  









 
date of such mailing or (ii) any Securities for a period beginning 15 days before an interest payment date and ending on such interest payment date.

  

	8.	Persons Deemed Owners 

  
 The registered Holder of this Security may be treated as the owner of it for all purposes. 
  

	9.	Unclaimed Money 

  
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at
its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company for payment as general creditors unless an abandoned property law designates another person
and not to the Trustee for payment. 
  

	10.	Defeasance 

  
 Subject to certain exceptions and conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the
Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal, premium, if any, and interest on the Securities to redemption or maturity, as the case may be. 
  

	11.	Amendment, Supplement, Waiver 

  
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the Securities may be amended or supplemented by the Company, the
Subsidiary Guarantors and the Trustee with the written consent of the Holders of at least a majority in principal amount of the then outstanding Securities and (ii) any default (other than with respect to nonpayment or in respect of a provision that
cannot be amended without the written consent of each Securityholder affected) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount of the then outstanding Securities. Subject to
certain exceptions set forth in the Indenture, without the consent of any Securityholder, the Company, the Subsidiary Guarantors and the Trustee may amend or supplement the Indenture or the Securities to cure any ambiguity, omission, defect or
inconsistency, to provide for uncertificated Securities in addition to or in place of certificated Securities, to comply with Article IV or Section 10.2 in respect of the assumption by a Successor Company of an obligation of the
Company or the assumption by a successor Person of the obligations of any Subsidiary Guarantor under this Indenture, to add Guarantees with respect to the Securities or release a Subsidiary Guarantor in accordance with the Indenture, to secure the
Securities, to make any change that would provide any additional rights or benefits to the Holders of the Securities or surrender any right or power conferred upon the Company or that does not adversely affect the rights under the Indenture of any
such Holder, to comply with any requirement of the SEC in order to effect or maintain the qualification of this Indenture under the TIA, to provide for the issuance of the Exchange Securities or to provide for the appointment of a successor Trustee.

  










	12.	Defaults and Remedies 

  
 Under the Indenture, Events of Default include (each of which are more specifically described in the Indenture) (i) default for 30 days in payment of
interest or additional interest (as required by the Registration Rights Agreement) when due on the Securities; (ii) default in payment of principal of or premium, if any, on the Securities at Stated Maturity, upon required repurchase or upon
optional redemption pursuant to paragraph 5 of the Securities, upon acceleration or otherwise; (iii) the failure by the Company or any Subsidiary Guarantor to comply with its obligations under Article IV or Section 10.2(b) of the
Indenture; (iv) failure by the Company to comply for 30 days after notice with any of its obligations under the covenants described under Sections 3.3 through 3.13 inclusive, Section 3.17 and Section 3.20 of the Indenture
(in each case, other than a failure to purchase Securities when required under the Indenture, which failure shall constitute an Event of Default under clause (ii) above); (v) the failure by the Company to comply for 60 days after notice with its
other agreements contained in the Indenture; (vi) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its
Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists, or is
created after the date of the Indenture, which default (a) is caused by a failure to pay when due principal of or interest or premium, if any, on such Indebtedness within the grace period provided in such Indebtedness (“payment
default”) or (b) results in the acceleration of such Indebtedness prior to its final Stated Maturity (the “cross acceleration provision”) and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates $15.0 million or more; (vii) certain events of bankruptcy, insolvency or reorganization of the
Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary (the
“bankruptcy provisions”); (viii) failure by the Company or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its
Restricted Subsidiaries), would constitute a Significant Subsidiary to pay final judgments aggregating in excess of $15.0 million (net of any amounts that a reputable and creditworthy insurance company has acknowledged liability for in writing),
which judgments are not paid, discharged or stayed for a period of 60 days (the “judgment default provision”); or (ix) any Subsidiary Guarantee of a Significant Subsidiary or group of Restricted Subsidiaries that taken together as
of the latest audited financial statements for the Company and its Restricted Subsidiaries would constitute a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or is declared null and
void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary or a group of Subsidiary Guarantors that taken together as of the latest audited consolidated financial statements for the Company and its Restricted
Subsidiaries would constitute a Significant Subsidiary denies or disaffirms its obligations under the Indenture or its Subsidiary Guarantee. However, a default under clauses (iv) and (v) will not constitute an Event of Default until the Trustee or
the Holders of 25% in principal amount of the outstanding Securities notify the Company of the default and the Company does not cure such default within the time specified in clauses (iv) and (v) hereof after receipt of such notice. 
  









 If an Event of Default (other than an Event of Default described in (vii) hereof) occurs and is
continuing, the Trustee by notice to the Company or the Holders of at least 25% in principal amount of the outstanding Securities may declare all the Securities to be due and payable immediately. If an Event of Default described in (vii) hereof
occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Securities will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.

  
 Securityholders may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount of the
Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if
it determines that withholding notice is in their interest. 
  

	13.	Trustee Dealings with the Company 

  
 Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner
or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 

	14.	No Recourse Against Others 

  
 No director, officer, employee, incorporator or stockholder of the Company or a Subsidiary Guarantor, as such, shall have any liability for any
obligations of the Company or such Subsidiary Guarantor under the Securities, this Indenture or a Subsidiary Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by
accepting a Security waives and releases all such liability to the extent permitted by applicable law. The waiver and release are part of the consideration for issuance of the Securities. Such waiver may not be effective to waive liabilities under
the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
  

	15.	Authentication 

  
 This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the
certificate of authentication on the other side of this Security. 
  

	16.	Abbreviations 

  
 Customary abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the
entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to Minors Act). 
  










	17.	CUSIP, Common Code and ISIN Numbers 

  
 The Company has caused CUSIP, Common Code or ISIN numbers, if applicable, to be printed on the Securities and have directed the Trustee to use CUSIP,
Common Code or ISIN numbers, if applicable, in notices of redemption as a convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon. 
  

	18.	Governing Law 

  
 This Security shall be governed by, and construed in accordance with, the laws of the State of New York. 
  
 The Company will furnish to any Securityholder upon written request and
without charge to the Securityholder a copy of the Indenture. Requests may be made to: 
  
 Ryerson Tull, Inc. 
 2621 West 15th Place 
 Chicago, Illinois 60608 
  
 Attention: Vice President – Finance and Treasurer 
  









  
 ASSIGNMENT FORM 

 
 To assign this Security, fill in the form below:

  
 I or we assign and transfer this Security to:

  
 ____________________________________________________________________________________________________________ 
 (Print or type
assignee’s name, address and zip code) 
  
 ____________________________________________________________________________________________________________ 
 (Insert
assignee’s social security or tax I.D. No.) 
  
 and
irrevocably appoint                      agent to transfer this Security on the books of the Company. The agent may substitute another to act
for him. 
  
 ____________________________________________________________________________________________________________ 
  

									
	 	 	 	 	 
					
	Date:	 	 	 	 	 	Your Signature:	 	 


			
	
	 Signature Guarantee: _____________________________________________________________________________________________________________


 (Signature must be guaranteed) 
  
 ____________________________________________________________________________________________________________ 
 Sign exactly as your name appears on
the other side of this Security. 
  
 The signature(s) should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
  
 In connection with any transfer or exchange of any of the Securities
evidenced by this certificate occurring prior to the date that is two years after the later of the date of original issuance of such Securities and the last date, if any, on which such Securities were owned by the Company, or any Affiliate of the
Company, the undersigned confirms that such Securities are being: 
  
 CHECK ONE BOX BELOW: 
  

	 	1  ̈	acquired for the undersigned’s own account, without transfer; or 

  

	 	2  ̈	transferred to the Company; or 

  

	 	3  ̈	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or 

  

	 	4  ̈	transferred pursuant to an effective registration statement under the Securities Act; or 

  

	 	5  ̈	transferred pursuant to and in compliance with Regulation S under the Securities Act; or 

  










	 	6 ̈	transferred to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished to the Trustee a
signed letter containing certain representations and agreements (the form of which letter appears as Section 2.7 of the Indenture); or 

  

	 	7 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended. 

  
 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities
evidenced by this certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Trustee or the Company may require, prior to registering any such transfer of the
Securities, in its sole discretion, such legal opinions, certifications and other information as the Trustee or the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such Act. 
  

					
	  	 	 	 	  
	 	 	 	 	 Signature

	 Signature Guarantee:
	 	 	 	 
			
	 	 	 	 	 
	 (Signature must be guaranteed)
	 	 	 	 Signature


  
 The signature(s) should be guaranteed
by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
  
 TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

  
 The undersigned represents and warrants that it is purchasing
this Security for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

	
	
	 
	 Dated:



  









  
 SCHEDULE OF INCREASES AND
DECREASES IN GLOBAL SECURITY 
  
 The following increases and
decreases in this Global Security have been made: 
  

									
	 Date of
Decrease or
Increase

	  	 Amount of decrease in Principal
Amount of this Global Security

	  	Amount of increase in Principal
Amount of this Global Security

	  	 Principal Amount of this Global
Security following such
 decrease or increase

	  	Signature of authorized
signatory of Trustee or
Securities Custodian



  









  
 OPTION OF HOLDER TO ELECT
PURCHASE 
  
 If you elect to have this Security purchased by the
Company Pursuant to Section 3.6 or 3.11 of the Indenture, check either box: 
  
  ̈         ̈ 
   3.6      3.11 
  
 If you want to elect to have only part of this Security purchased by the
Company pursuant to Section 3.6 or Section 3.11 of the Indenture, state the amount in principal amount (must be integral multiple of $1,000):
$                                        
                                 
  

									
				
	Date: 	 	 	 	 Your Signature 
	 	 
	 	 	 	 	 	 	 (Sign exactly as your name appears on the other side of the Security)


  

			
		
	 Signature Guarantee: 
	 	 
	 	 	 (Signature must be guaranteed)


  
 The signature(s) should be guaranteed
by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.